Originally Posted by dat_steve (Post 8745051)

A close friend just purchased a house with her husband. Doubt they make 6 figures each, but probably pretty close (gross). Only way they could afford a relatively decent down payment was to take out a LOC secured by her parents' house. even then the payments are pretty huge. I'm guessing this is how a lot of people whose families aren't super well off are doing it. Makes me cringe to think of using debt to get more debt.

Originally Posted by 6o4__boi (Post 8745048)

saw this article this morning

The three-bedroom challenge: Space in short supply for Vancouver families

Originally Posted by 4444 (Post 8744938)

I recall a report a couple of years ago which was either for Vancouver or BC (sorry, can't recall) stating that only 5% of workers earn >$100,000

That's slightly scary that 95% of workers (let alone those that don't work) earn less than $100,000.

Originally Posted by quasi (Post 8744959)

In my neighborhood I swear I'm the only person within blocks that doesn't have a suite which is not helping the issue as far as density goes here. In order to afford these houses most people need the extra income to help pay there mortgage. If I had to put a suite in my house I'd downsize and move into a townhouse or a condo, no fucking way I'm dealing with that bullshit but that's just a personal decision.

My wife and I both work and make decent incomes, again no way in hell I'd take on a 700 or 800K mortgage on a million dollar home with 300 down. I guess it's the world were living in but I want no part of that crap, I'd pickup and move somewhere else before I did that. I plan to be mortgage free before 50, I hit 40 a few months ago so head down and stick to the plan.

Originally Posted by Tapioca (Post 8745038)

Here's the dilemma a lot of young professionals are probably facing right now. You and your partner probably make a decent amount of money, have connections (which can take years to build), and may or may not a small amount of savings or equity from a starter condo. Do you leave and take jobs in a regional centre, like Kelowna or Prince George where there's no guarantee that you'll make the equivalent salary? (one person might, but the other may not) What if you have ailing parents? Do you leave them and take flights into town every couple of months to do stuff, like take them to the doctor or cut their grass? Maybe it's worth the lower cost of living, but these are tough questions.

If you don't have citizenship or the right of abode in somewhere like the EU and cannot qualify for a TN/HB visa in the States, where else would you go in Canada? Toronto is just as bad in terms of real estate. I could fathom a place like Calgary which is at least somewhat cosmopolitan and has recreation nearby, but where else? Saskatoon? Winnipeg? Ottawa? Halifax? Sure, you could raise a family in Saskatoon, or Medicine Hat, but no one wants to retire there. As others on this forum have stated, people from Ontario dream of coming to BC.

If you're already in the market with a condo, do you cash out? Put a quarter of the proceeds into bonds and the remaining into equities and hope you obtain a return of 6-7% after taxes? Rent a basement suite for 1500/month and budget/factor in a move every 3-5 years? Or, perhaps you get on a list for co-op housing, pass the interviews, etc. and hope that a level of government continues to keep subsidizing your rent?

Originally Posted by Scotsman (Post 8745090)

Here is what I found from StatCan from 2011 and yes you are correct. Only 5%:

The top 10% of Canadians had incomes over $80,400

According to the 2011 NHS, 10% of Canadians had total incomes of more than $80,400 in 2010, almost triple the national median income of $27,800. To be in the top 5%, Canadians needed to have a total income of slightly above $102,300 and to be in the top 1% required just over $191,100, nearly seven times the national median income.

The top 10% of Canadians made an average income of $134,900, with the top 5% making one third more ($179,800) and the top 1% almost triple that amount ($381,300). Meanwhile, the bottom 90% had an average income of $28,000.



https://www12.statcan.gc.ca/nhs-enm/...1003_2-eng.cfm

Originally Posted by dat_steve (Post 8745348)

well judging by the general tone of the posts on revscene, most members are clearing $150k net working 4 days a week, returning 30% annually on that salary day trading, and laying serious pipe down every weekend.

Originally Posted by dat_steve (Post 8745348)

well judging by the general tone of the posts on revscene, most members are clearing $150k net working 4 days a week, returning 30% annually on that salary day trading, and laying serious pipe down every weekend.

Originally Posted by Hondaracer (Post 8745325)

TO prices aren't nearly as stupid as they are here. Not even close

Originally Posted by Z3guy (Post 8745334)

That is really surprising. Since we don't have allot big corporate HQs in BC and have allot of small businesses and a ton of construction going on, my gut tells me most income is not being reported. There is no way in heck anyone could afford to live in Vancouver with that income.

Originally Posted by 4444 (Post 8745380)

how do people live in vancouver? on borrowed money, borrowed time, renting, no savings.

Originally Posted by dat_steve (Post 8745348)

well judging by the general tone of the posts on revscene, most members are clearing $150k net working 4 days a week, returning 30% annually on that salary day trading, and laying serious pipe down every weekend.

Originally Posted by iwantaskyline (Post 8745371)

70 story condo's help a lot. We need those in Van, fuck the view.

Originally Posted by Harvey Specter (Post 8745382)

Yup.

I would also add that a lot of people who have no business having massive mortgages have gotten their mortgages from crooked brokers or private lenders.

Originally Posted by Hondaracer (Post 8745394)

Trump is 70, so is shangrila

Few 50 storey towers at Brentwood now, and 4-6 proposed for Lougheed mall, slowly coming along